Vol 4 – The History of Capital Cycles

Across time, capital flows operate in cycles. This is one of the core reasons of our hypothesis of the world being in an early innings of a broad-based commodity bull cycle over the next 5 years. The article below talks about how capital cycles work and how supply-demand dynamics affects cycles.

Click the link to read the complete article – https://macro-ops.com/the-capital-cycle/

With capital cycles as the context, the below chart puts into context the exploration budgets across countries over the last decade :